1 min read
Tencent-backed We Doctor scales up to prepare for planned Hong Kong IPO
We Doctor, the Tencent-backed Chinese online healthcare services firm, has completed internal business integration (in Chinese) and scaled up its four verticals—medical cloud, healthcare, medicine, and insurance. The company is also raising $500 million from investors prior to its planned IPO, and is expected to complete the financing round at the end of the first quarter.
We Doctor said last December that it seeks a listing on the Hong Kong stock exchange in the second half of 2018. The firm’s recent move of scaling up and integrating its online services, including online appointment booking, prescription, diagnosis, and insurance serves, would help shine its allure of its planned IPO in Hong Kong.
Read more: Five most highly-anticipated Chinese tech IPOs for 2018
Founded in 2010, We Doctor has so far completed three rounds of funding. It secured $22 million in Series A financing round in 2012, $106.4 million in Series B round in 2014, and $394 million in Series C round in 2015.
Online healthcare has become a thing in China, and We Doctor plays a crucial role in the sector. Users get to book physical appointments, consult a doctor online, or even acquire prescriptions and insurance online. As of November 2017, We Doctor has connected 220,000 doctors in 2700 hospitals across 30 provinces in China. It has over 150 million registered users for its online booking and diagnosis services.
Eyeing an overseas market, We Doctor is expecting $50 million new funds that will be used to expand the medical network and resources, as it aims to go public in Hong Kong in the hope of connecting more hospitals in Hong Kong and East Asia to further expand its business.